According to an 8K filed with the SEC, City National Bank will serve as arranger and administrative agent on a $165 restated million senior secured credit facility for pet food distributor Freshpet.
The new credit facility includes a $130 million delayed draw term loan facility and a $35 million revolving loan facility, which replaces Freshpet’s prior $55 million delayed draw term loan facility and $35 million revolving loan facility. The new credit facility will mature on April 17, 2025.
“We are pleased to further strengthen the size of our liquidity position with this amended credit facility,” Billy Cyr, CEO of Freshpet, said. “We believe this facility, in combination with the recent equity offering we completed and cash from operations, will support the expansion of our Freshpet Kitchens manufacturing operations when we begin construction in Ennis, TX, as we continue to execute on our mission and provide more pets with fresh, real food.”